UK House Prices Fall Most On Record

The average UK home lost 1.7pc of its value in September, leaving prices 12.4pc lower than they were a year ago. The drop eclipses the worst annual fall during the house price crash of the early 1990s, when in the final three months of 1990 prices were 10.7pc lower.

According to the widely-watched survey, the average home is now worth £161,797, down from £164,654 in August.

A chum who works for a national firm of estate agents told me last week that her office had completed on just one house in the whole of September. Normally they would complete on about ten per month.